SBI Group Establishes Subsidiary For Manufacturing Crypto Mining Chips

SBI Group, a Japanese financial giant, has established a subsidiary that will focus on the manufacture of cryptocurrency mining chips. SBI, which has setup several subsidiaries to operate in various spheres of cryptocurrency sector, has stated that it is eager to widen its influence in the mining business through the development and introduction of SBI Mining Chip Co., Ltd. (SBIMC).

In this regard, SBI group will enter the league of renowned manufacturers, noteworthy among them is Bitmain, which introduced a new product earlier this week. The announcement states

“The SBI Group strongly promote [sic] on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses.”

The announcement further states:

“The Group has practiced its cryptocurrency mining business […] overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”

The latest venture will be led by Adam Traidman, a Silicon Valley entrepreneur who carved a name for himself in the field of semiconductor and related electronics.

The announcement guarantees

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

As of date, the only cryptocurrency, which was mined by SBI was Bitcoin Cash (BCH). However, SBI, which mined BCH through its subsidiary shuttered down the operations within a short period on multiple concerns. Back in September 2018, Jihan Wu, Bitmain co-founder and head of the mining pool that was used by SBI, alleged that the company was cheating in order to benefit Craig Wright, the controversial entrepreneur who was primarily responsible for Bitcoin Cash’s debatable hard fork.